Ripple Price Prediction: XRP Fails After Failing At The $0.55 Resistance Barrier
Daily Ripple XRP Technical Analysis
- Ripple price failed to flash sell signal in the TD sequential detector.
- Sentiment in the 4-hour time frame is negative.
The Ripple price jumped from $0.515 to $0.55, wherein it met massive resistance and dropped down to $0.525. However, things aren’t as bad if we take a closer look at technical analysis.
Ripple Price Fails Flashing Sell Signal
The daily Ripple price chart shows two major positive signs despite today’s drop:
- The TD sequential was about to flash a sell signal in the form of a green-nine candlestick, but has failed to do so.
- The MACD in the daily chart shows sustained bullish market momentum.
Image: XRP/USD daily
The 4-hour Ripple price chart has dropped from $0.55 to $0.518 in one single session and flipped the 20-bar SMA from support to resistance. The 50-bar SMA has provided important support and bounced back up to $0.52. The parabolic SAR has reversed from bullish to bearish, showing that market sentiment is negative.
Image: XRP/USD 4-hour
Judge Netburn Sheds Positive Light On Ripple
Recent comments by Magistrate Judge Sarah Netburn during the SEC-Ripple lawsuit appear to have brought relief to the blockchain company. In a YouTube video, Jeremy Hogan, a partner at the law firm Hogan & Hogan, shared the highlights from a recent legal hearing.
Judge Netburn said that in addition to having currency value, XRP has a utility, which distinguishes it from BTC and ETH, Hogan noted. The attorney remarked that it sounded like Netburn was “arguing the case for them” (Ripple and its execs) when she commented on the utility.
Hogan also pointed out that “about halfway through the hearing,” Judge Netburn “skeptically” told the SEC attorney that based on his theory, everyone who sold XRP is “selling illegal securities.” To this, the SEC lawyer said:
No, under Section4, only Ripple and affiliates of Ripple can have sold XRP illegally.
Hogan said that this is important because it could mean that the crypto exchanges that have delisted XRP could get permission from the SEC to list XRP once again in the future.
However, Park Bramhall, senior counsel at Lowenstein Sandler LLP, said that he disagrees with Hogan’s interpretation. According to Bramhall, the SEC implied that if XRP is deemed a security, then parties other than Ripple and its affiliates can be exempted from registration provided under Section 4.
Ripple Price Is Expected To Reach These Levels
The Ripple price will consolidate for a bit before making another charge for the $0.55 resistance barrier.